Trapped buyers law
In September 2015, the Cypriot Government issued the Amended Transfer and Mortgage Properties Law No 139(1)/2015, in order to assist property owners who were unable to get their Title Deed (certificate of ownership) despite fulfilling their contractual obligations with the seller, referred to as ‘enclaved’ or ‘trapped’ buyers.
There can be a number of reasons why a developer or seller has not obtained a Title Deed on a property. It could be either because the property has been mortgaged to the bank, various planning infringements including breach of building or land permit or architectural drawings, outstanding taxes due on the property, failure to construct a pavement or green area, etc.
The new law grants the head of the Land Registry office the authority to exempt, eliminate, transfer and cancel mortgages and other impediments, depending on the case and under certain conditions. This has allowed many ‘trapped’ buyers without Title Deeds to submit an application and complete the official transfer of the property on their name.
Obtaining legal advice from our lawyers will ensure:
- That several searches are carried out by our independent civil engineer so as to make sure that the property has been constructed as per the town planning and building permission and that the Vendor has applied to get the certificate of final approval.
- That the Contract of Sale includes all the necessary terms.
- The issuance of Title Deeds.
- The rights of the Purchaser to sell the said property even before the issuance of Title Deeds.
- And that as soon as the Title Deed will be issued, the Vendor will transfer the Title Deeds under the name of the Purchaser.
We at Fine Life Group have a wealth of experience in dealing with cases of trapped buyers, and provide expert legal advice and support on all aspects of purchasing a property. Find out more